News

24% of adults have missed a payment in the previous year

Bluestone Mortgages revealed that almost one in four British adults missed a payment in the last twelve months. This equates to over 12.2 million people (24%) rather than 9.2 million people (18%) the previous year.

What has caused this increase? 64% of individuals who missed payments claimed it was due to the cost of living crisis. The majority of missed payments were utility bills and credit card payments.

Bluestone Mortgages’ research also found that seven in ten people had issues impacting their ability to access financial support. Although there are alternative financial options, research shows that people were either too embarrassed (29%), didn’t know where to begin (29%), were worried about their credit score (20%) or were too embarrassed to admit the state of their finances (28%).

The strategy director at Bluestone Mortgages, Ryan Davies, stated that “Missed payments are no longer isolated events and are becoming part and parcel of people’s everyday lives as the squeeze on household and personal finances continues to take its toll… Ultimately, it is our duty as an industry to signpost these customers to get the help they need during these challenging times.”

It is therefore essential that all brokers recognise the options they can offer their clients to give them the guidance and support they need.